Hong Kong Passes Stablecoin Bill Under New Regulatory Framework

The post Hong Kong Passes Stablecoin Bill Under New Regulatory Framework appeared first on Coinpedia Fintech News Hong Kong has officially passed the Stablecoin Bill in its third reading. This landmark legislation opens the door for regulated stablecoin issuance and aligns digital assets with traditional finance under a clear regulatory framework. Hong Kong Greenlights Regulated Stablecoin Issuance The Hong Kong Legislative Council has approved the Stablecoin Bill, marking a major milestone for crypto regulation in the region . The new law allows qualified institutions to apply for stablecoin licenses from the Hong Kong Monetary Authority (HKMA) starting later this year, with full implementation expected by the end of 2025. Only stablecoins backed by legal tender will be eligible, ensuring transparency, accountability, and consumer protection in a rapidly growing market. Hong Kong’s Vision to Become a Global Web3 Leader Reacting to the bill’s passage, Johnny Ng Kit-chong , a member of the Legislative Council , called the move a major step in Hong Kong’s journey to becoming an international Web3 hub . He invited global fintech and crypto companies to apply for stablecoin licenses and participate in shaping the city’s blockchain-driven future. Lawmaker Outlines Roadmap for Stablecoin Utility Ng emphasized that licensing is only the beginning. He proposed boosting stablecoin adoption in: Retail payments Cross-border trade Peer-to-peer transactions He also floated the idea of distributing interest earnings to stablecoin holders as an incentive, aimed at increasing user engagement, competitiveness, and long-term growth. Stablecoin Market Overview: Key Stats The global stablecoin market continues to expand rapidly: Total market cap : $247.36 billion 24-hour trading volume : $81.24 billion .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Breaking: U.S. Senate Moves GENIUS Act Forward with 66-32 Vote , Top stablecoins by market cap include: Tether (USDT) – $151.63B USD Coin (USDC) – $60.50B USDS – $7.02B Ethena USDe – $5.02B DAI – $3.69B Tether remains the dominant force, ranking as the third-largest crypto asset after Bitcoin and Ethereum. What This Means for Crypto and Global Finance Hong Kong’s stablecoin regulation may spark a new wave of institutional participation in the crypto market. 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